PHB vs. SPHY
Compare and contrast key facts about Invesco Fundamental High Yield® Corporate Bond ETF (PHB) and SPDR Portfolio High Yield Bond ETF (SPHY).
PHB and SPHY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PHB is a passively managed fund by Invesco that tracks the performance of the RAFI Bonds US High Yield 1-10 Index. It was launched on Nov 15, 2007. SPHY is a passively managed fund by State Street that tracks the performance of the ICE BofAML US High Yield Index. It was launched on Jun 18, 2012. Both PHB and SPHY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: PHB or SPHY.
Performance
PHB vs. SPHY - Performance Comparison
Returns By Period
In the year-to-date period, PHB achieves a 5.82% return, which is significantly lower than SPHY's 8.54% return. Over the past 10 years, PHB has underperformed SPHY with an annualized return of 3.94%, while SPHY has yielded a comparatively higher 4.62% annualized return.
PHB
5.82%
0.10%
4.42%
9.94%
3.52%
3.94%
SPHY
8.54%
0.57%
6.34%
13.35%
4.91%
4.62%
Key characteristics
| PHB | SPHY | |
|---|---|---|
| Sharpe Ratio | 2.38 | 3.05 |
| Sortino Ratio | 3.64 | 4.81 |
| Omega Ratio | 1.45 | 1.61 |
| Calmar Ratio | 3.94 | 3.75 |
| Martin Ratio | 15.81 | 24.03 |
| Ulcer Index | 0.64% | 0.56% |
| Daily Std Dev | 4.28% | 4.40% |
| Max Drawdown | -44.80% | -21.97% |
| Current Drawdown | -0.73% | -0.42% |
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PHB vs. SPHY - Expense Ratio Comparison
PHB has a 0.50% expense ratio, which is higher than SPHY's 0.10% expense ratio.
Correlation
The correlation between PHB and SPHY is 0.53, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Risk-Adjusted Performance
PHB vs. SPHY - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Fundamental High Yield® Corporate Bond ETF (PHB) and SPDR Portfolio High Yield Bond ETF (SPHY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Dividends
PHB vs. SPHY - Dividend Comparison
PHB's dividend yield for the trailing twelve months is around 5.65%, less than SPHY's 7.77% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PHB Invesco Fundamental High Yield® Corporate Bond ETF | 5.65% | 4.68% | 3.53% | 3.38% | 3.89% | 4.03% | 4.45% | 4.14% | 4.58% | 4.70% | 4.48% | 4.62% |
SPHY SPDR Portfolio High Yield Bond ETF | 7.77% | 7.30% | 6.46% | 5.13% | 5.63% | 5.73% | 4.09% | 4.41% | 4.28% | 4.29% | 3.98% | 4.40% |
Drawdowns
PHB vs. SPHY - Drawdown Comparison
The maximum PHB drawdown since its inception was -44.80%, which is greater than SPHY's maximum drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for PHB and SPHY. For additional features, visit the drawdowns tool.
Volatility
PHB vs. SPHY - Volatility Comparison
Invesco Fundamental High Yield® Corporate Bond ETF (PHB) has a higher volatility of 1.18% compared to SPDR Portfolio High Yield Bond ETF (SPHY) at 1.02%. This indicates that PHB's price experiences larger fluctuations and is considered to be riskier than SPHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.